That will be an increase of 7,000 - or about 7 per cent a year - while their combined wealth is expected to swell from US$64 billion now to US$85 billion (S$125.4 billion) in four years.

The figures come from a report entitled Wealth Management In Singapore 2007 from London-based research firm Datamonitor. Its financial services analyst, Mr David Lalich, said this outlook was particularly rosy, given that the world economy is expected to slow down in the next two years.

Singapore's economy was expected to continue expanding, due to the robust financial services industry and a tourism boost from the upcoming integrated resorts. However, growth may be at a slower pace than in the period from 2004 to last year.

But the number of Singapore's ultra-wealthy is likely to grow more than twice as fast as that in Britain, which may face an economic slowdown.

Bankers also noted that Singapore is likely to benefit from greater inflows of wealth from overseas markets, as investors look to diversify portfolios in safe havens such as Singapore, if there is a downturn in the United States.

Mr Dennis Khoo, the general manager of Standard Chartered's wealth management business, believes growth in assets under management for international private banking clients, who may live outside Singapore but who park huge sums in the country, could exceed 16 per cent annually.

However, the growth rate of Singapore's millionaire population is still likely to lag behind that of Hong Kong.

The number of well-heeled people in Hong Kong is expected to grow by 9 per cent annually between now and 2011, due partly to the influx of well-heeled mainland Chinese.

Singapore will also be among the world leaders when it comes to increasing the number of affluent people - those who have US$60,000 or more in liquid assets to their name.

The number of affluent residents will grow from 410,000 last year to more than 600,000 by 2011, with the value of their assets ballooning from almost US$140 billion to US$210 billion, said Mr Lalich.

A key driver of this growth will be an influx of foreign talent, who are attracted to work in Singapore as entrepreneurs or professionals, especially in the financial sector, said Mr Khoo.

ABN Amro Singapore has been hiring relationship managers of different nationalities 'to bridge the cultural gap' for expatriate clients, said Mr Hans-Peter Borgh, the head of the bank's unit serving wealthy clients.

Other drivers of wealth accumulation over the next two years will be rising interest rates and a volatile equities market.

These factors will mean strong growth in mutual funds in Singapore, as investors seek to diversify their money in different assets and markets, added Mr Lalich.

graceng@sph.com.sg

Getting richer